Budget Preparation, Allocation and Cost Control Training Course

Why Select this Training Course?

Training in creating, allocating, and controlling a budget is crucial for every business, as it aids in the execution of strategic decisions. A thorough familiarity with the budget preparation and planning system is required to properly advise policymakers on the viability and appropriateness of specific budget ideas, whether from a macroeconomic or microeconomic vantage point. Companies strive to increase their value to customers and stockholders in today’s markets. Businesses can keep an eye on their core activities, strategies, and operations if they have a solid system for budgeting, regulating, monitoring, and lowering expenses.

What are the steps involved in the preparation of a budget?

Know the organization’s objectives during the budget period before starting budget preparation. Understanding those objectives helps in creating a budget that supports them. Next is calculating revenue and cash flow to allocate money for company costs. After estimating the payment, estimate the costs. Fixed, variable, and one-time costs comprise this procedure. After calculating the income and spending, the next step is to draft the budget. It is decided whether the predicted income will meet all the costs. Budget surpluses occur when revenue exceeds spending. Knowing this, it needs to be determined how to spend extra cash. A budget deficit occurs when costs surpass income. In such a scenario, it must be decided how to narrow the deficit.

What are the types of budgets?

There are various categories of budgets, including surplus, balanced, and deficit.

Rcademy’s Budget Preparation, Allocation, and Cost Control Training Course will teach you all you need to know to run a tight ship regarding your company’s finances. Students will get the chance to regularly review and summarise the budget allocation, organization, and cost management to meet regulatory requirements. They’ll also get acquainted with various cost management methods and budget planning. Short-term and long-term monitoring, planning, and maintaining performance within a budget are all covered in this Rcademy course.

Who Should Attend?

The Budget Preparation, Allocation, and Cost Control Training Course by Rcademy is ideal for:

• Procurement, manufacturing, engineers, logistics, and HR leaders
• Departmental and divisions leaders
• Financial analysts and managers
• Financial controllers and planners
• Project managers
• Policymakers
• Entrepreneurs and Start-up founders
• Professionals in charge of managing and designing the budgetary system

What are the Course Objectives?

The goals of The Budget Preparation, Allocation, and Cost Control Training Course by Rcademy are to enable professionals to:

• Understand capital budgeting
• Determine the performance analysis systems that work well
• Understand the issues of overheads selection and how the process and evaluation can help decision-making and costing methods
• Learn how to describe the financial effect of strategic directions
• Understand the balanced scorecards
• Learn how to engage in the budgeting activity in the organization actively
• Apply the skills and knowledge learned in this course in cost evaluation and performance analysis methods
• Determine and control the fundamental financial aspects of the organizations
• Learn how to deliver more valuable and timely data to the decision-makers
• Understand the costs traits
• Learn how to incorporate budgeting, planning, and reporting activity successfully

How will this Course be Presented?

The budget preparation, allocation, and cost control training at Rcademy uses workshop principles, formal lectures, interactive work examples, and case studies. There will be a reinforcement for every studying level with practical exercises. The course will be facilitated through the following:

• Interactive sessions
• Live projects
• Use of case studies
• Management games and activities
• Problem-solving
• Group discussion and Presentations

What are the Topics Covered in this Course?

Module 1: Cost Control and Budgeting in the Management System: The Strategic Planning Link

• Strategic budgeting, planning, and management control
• Budgeting and administration system of the modern organizations
• From strategic to operating plan initiatives and plans
• Managing and evaluating performance targets and KPIs
• Accountability management
• Strategic control accounting-setting objectives and goals

Model 2: Cost Evaluation for Budgetary Aims

• Variation process for various purposes
• Cost terminologies and concepts
• Contribution to margin evaluation
• Variable and fixed prices: the cost-volume-profit assessment technique
• Product vs period costs
• Contribution margin assessment

Module 3: Budgeting: Key Concepts and Principles

• Idea of budgeting
• The limitation of the budgeting activity- how to grow it
• The benefits of budgeting and the responsibility for attaining company goals
• Budgeting principles
• Opex (operational expenditures) vs Capex (capital expenditures)
• Primary challenges with the preparation of the budget

Module 4: Current Combined Performance Evaluation Systems

• The balanced scorecard
• The determinant of value development
• Beyond budgeting combines monetary and non-monetary data
• Model maps
• Integrated reporting

Model 5: Traditional Vs Current Methods of Cost Control

• How to refine the costing system
• Underpricing and overpricing: knowing the allocation technique
• Indirect Vs direct pricing
• Cost drivers vs cost hierarchy- combining resources, management, and activities
• Overview of the processes based on budgeting (ABB) and management (ABM)

Module 6: Price Budgeting and Management

• The importance levels of the budgeting activity
• Categories of budgets, zero-based and incremental budgeting
• Fixed costs and variable costs
• Preparation of budgets: cash budgets and operating budgets
• Decision-making with the use of marginal pricing, volume, cost, and profit evaluation
• Marginal and construction costing

Module 7: Capital Budgeting

• Accounting rate of return (ARR)and payback
• Operating costs and capital investment costs
• The modified and internal sum of return and the reduced payback
• Revenue index, budgeting, and capital controlling

Module 8: Activity and Traditional-Based Budgeting and Costing

• Direct prices and indirect prices, period costs and product prices
• Product price cross-subsidization and activity-based costing (ABC), and merchandise cross-subsidization
• Budgetary management: flexed budgets, standard costs, and variance evaluation
• Activities and costs
• Activity-based budgeting (ABB)
• Absorption costing and cost allocation

Module 9: Linking of the Financial and Non-Financial KPIs

• Determinants of Shareholder and corporate Value and financial modeling
• Arranging for the global class performance
• Integrating the monetary and non-monetary key performance indicators (KPIs)
• The challenges between business and accounting performance assessment
• The changing prices based and alternative methods of pricing

Module 10: Management Control

• Budgeting within your business
• Advantages and disadvantages of budgeting
• The responsibility for financial management and control of accounting concepts
• Essential elements of planning: responsibility, accounting, and setting goals
• Strategic budgeting, planning, and management control system
• Budget participation, control, and target setting